Comments on: Paying Cash for a Car versus Taking out a Loan

By: allcreditfinance

allcreditfinance — Fri, 27 Mar 2015 06:27:50 +0000

Not to get all philosophical on you, but having no debt does wonderful things to your psyche. I do agree with http://www.livefyre.com/profile/19917816/ “You make a good argument for putting the money elsewhere.” that principle elsewhere might be the better deal

Dan from http://www.allcredit.com.au

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By: Jhornett

Jhornett — Thu, 29 Aug 2013 16:10:41 +0000

I did not need to finance my car but needed to establish credit. I no longer own a home so I financed my car since the rate was so low. It turned out that 6 months later I lost my job after 13 years and was out of work for 9 months. I was grateful to have the extra liquid cash. My car payment is low because I put a large deposit down and I bought a 3 year old car. Whew!
I am not sure if I would pay it off once I get a permanent job. I am a contractor at the moment.

By: AlexandraRSF

AlexandraRSF — Sun, 25 Aug 2013 13:07:17 +0000

I think it really depends on the interest rate. If I was getting a ridiculously low rate, it would make more sense for me to use that money to pay off my higher interest debt (though if I had the money to buy a new car, why didn’t I pay off my student loans first? Ha). I’d also consider where I am in life: If I have an emergency fund separately, then I would prefer to pay cash for the car.

By: OutlierModel

OutlierModel — Sun, 25 Aug 2013 00:09:56 +0000

Brian and I don’t have a car right now, but we bought our first car in cash. It was great not having a monthly payment, but boy, gas and insurance still added up!

By: femmefrugality

femmefrugality — Sat, 24 Aug 2013 12:12:35 +0000

I used to only pay cash for cars. The first four. I bought ones I could “afford,” though so they were usually beaters. They all died within six months. Then I financed. I spent a good bit of money, but it was totally worth it. Seven years later I still have the same car and it’s paid off. I’m not spending a ton of money on repairs, either, which was about the same cost as my payments every month when I had them.

By: Nell Casey

Nell Casey — Sat, 24 Aug 2013 06:00:03 +0000

When I bought my scooter I paid for it using a credit card that had a 1.9% rate for 12 months. I worked out it was better to pay the minimal interest on the CC and keep the money in the bank for 12 months, than paying cash straight up. I also negotiated a great deal on my scooter so I was pretty happy with that purchase :)